Creating peace of mind through honest and committed management.

July 14, 2015
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: 03-3502-4891

Partial Amendment to Management Guidelines ofAsset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd. (“IRE”), the asset management company ofIchigo Real Estate Investment Corporation (“Ichigo REIT”), decided today to partially amend
its Management Guidelines.
1. Reasons for Change
As announced in today’s release “Partial Amendment to Articles of Incorporation,” Ichigo REIT
will propose a resolution for approval at its shareholder meeting on September 5, 2015 to amend
its Articles of Incorporation to allocate its investments primarily to office assets and remove
residential, retail, and hotel assets from its primary investment scope.
Subject to shareholder approval of this partial amendment to the Articles of Incorporation, apartial amendment to IRE’s Management Guidelines will also be made to reflect this focus onoffices.
Also, as announced in today’s release “Ichigo Hotel REIT Establishment and Filing of Reportfor Change in Operational Procedures,” IRE has decided to establish the Ichigo Hotel REIT
Investment Corporation, a J-REIT focused on Japanese hotels. To this effect, Ichigo REIT willchange its name to Ichigo Office REIT, and IRE will review and update its internal procedures,including executing this partial amendment to its Management Guidelines.
2. Effective DateSeptember 5, 2015 (Subject to approval at the AGM)
3. Details of Amendment to the Management Guidelines
Please see the following pages for details.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Management Guidelines of the AssetManagement Company by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors
to refer to the Investment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision andresponsibility.

1(Amendments are underlined)
Before Amendment
Article 1 Establishment and Application of theManagement Guideline

After Amendment
Article 1 Establishment and Application of theManagement Guideline

Ichigo REIT Management Co., Ltd. (hereafter, the“Company”) shall establish Management Guidelines(hereafter, the “Guidelines”) based on the Articles ofIncorporation of Ichigo Real Estate Investment
Corporation (established on June 17, 2005 andincluding afterward revisions) and the Investment Trustand Investment Corporation Law (1951 Law No. 198
and including afterward revisions).

Ichigo REIT Management Co., Ltd. (hereafter, the“Company”) shall establish Management Guidelines(hereafter, the “Guidelines”) based on the Articles ofIncorporation of Ichigo Office REIT Investment
Corporation (established on June 17, 2005 andincluding afterward revisions) and the Investment Trustand Investment Corporation Law (1951 Law No. 198
and including afterward revisions).

(omitted)(no change)

Article 3 Changes to the Guideline

Article 3 Changes to the Guideline1.

1.

Establishment of and changes to the Guidelines
shall be decided by the Asset Investment Division
preparing a draft in consultation with relevant
departments, which shall then be subject toresolution of the Investment Management
Committee and Risk Management/Compliance
Committee and followed by resolution of theCompany’s Board of Directors.

Establishment of and changes to the Guidelines
shall be decided by the Office REIT Division
preparing a draft in consultation with relevant
departments, which shall then be subject toapproval of the Investment Management
Committee and Compliance Division and the Risk
Management Team followed by resolution of theCompany’s Board of Directors.

Article 6 Allocation Policies

Article 6 Allocation Policies

1.

(omitted)

1. (no change)

2.

Investment shall be made in primarily real estatethat are used mainly as offices (including
educational facilities and medical treatment
facilities, etc.), residential facilities, commercial
and retail facilities or hotel accommodation, as
well as beneficiary rights in real estate investment
trust, etc. pertaining to such real estate. However,in view of making use of investment opportunities
and diversified investment, investment may bemade in also certain real estate of other uses, aswell as beneficiary rights in real estate investment
trust, etc. pertaining to such real estate.

2. Investment shall be made primarily in real estate(as defined in Article 31 Paragraph 2 of theArticles of Incorporation) that are mainly used
as offices and real estate-backed securities (asdefined in Article 31 Paragraph 3 of the Articles ofIncorporation) pertaining to such real estate.

3.

(omitted)

3. (no change)

4.

The target investment ratios by region or asset
type shall be as provided in the Attachment “1.
Geographical Classification of Investment RealEstate” And “2. Type of Investment Assets.”

4. The target investment ratios by region shall be asprovided in the Attachment “1. GeographicalClassification of Investment Real Estate.”

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Management Guidelines of the AssetManagement Company by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors
to refer to the Investment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision andresponsibility.

2Before Amendment
Article 8 Leasing Policies

After Amendment
Article 8 Leasing Policies

1. (omitted)

1. (no change)

2. (omitted)

2. (no change)

3. Screening of tenants will be conducted basedon the guidelines below.

3. Screening of tenants will be conducted basedon the guidelines below.

(1) A check of each of the screening items listed in
the following table shall be conducted onprospective tenants. Databases of external
investigation agencies, etc. shall also be utilized asnecessary. When the credit check, etc. concludes
no problems, whether or not to conclude a leaseagreement shall be judged through acomprehensive examination of the rent level, lease
contract period, security deposit amount, tenant’sbusiness category, balance with other tenants inthe property, size and format of the demanded
space, etc.

(1) A check of each of the screening items listed in
the following table shall be conducted onprospective tenants. Databases of external
investigation agencies, etc. shall also be utilized asnecessary. When the credit check, etc. concludes
no problems, whether or not to conclude a leaseagreement shall be judged through acomprehensive examination of the rent level, lease
contract period, security deposit amount, tenant’sbusiness category, balance with other tenants inthe property, size and format of the demanded
space, etc.

Classification

Screening Items

Classification

1. (omitted)
Corporation

1. (omitted)

2. (omitted)

2. (omitted)
Corporation

3. (omitted)
1. (omitted)
2. (omitted)
Individual

Screening Items

3. (omitted)

3. (omitted)
4. Relationships with
anti-social forces
1. (omitted)
2. (omitted)

4. (omitted)
Individual

3. (omitted)
4. (omitted)
5. Relationships with
anti-social forces

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Management Guidelines of the AssetManagement Company by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors
to refer to the Investment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision andresponsibility.

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Before Amendment

After Amendment

Attachments
2.

Attachments

Type of Investment Assets(deleted)

Asset Type

Investment Ratio

OfficeOver 60%

Other (residential, retailfacilities, hotels, etc.)
Total (%)

Under 40%
100%(Note) Investment ratio is the total amount of acquisition
prices for the respective classification divided by the total
amount of acquisition prices for all classifications.

3.

Assessment Criteria for Acquisition(omitted)4.

Basic Specifications of Investment Assets(omitted)

2.

Assessment Criteria for Acquisition(no change)

3.

Basic Specifications of Investment Assets(no change)

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Management Guidelines of the AssetManagement Company by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors
to refer to the Investment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision andresponsibility.

4